Supreme Court Upholds Class Action in Bank Collusion Suit
The Supreme Court today rejected a bid by major banks to block a class action lawsuit. Cities accuse the firms of colluding to inflate interest rates on bonds.
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The Supreme Court of the United States has declined to review a challenge brought by BANK OF AMERICA CORP and several other major financial institutions, effectively allowing a $12 billion class-action lawsuit to proceed. The legal action, led by various American cities, accuses the banks of conspiring to artificially inflate interest rates on municipal bonds.
